“Vinamilk’s Overseas Triumph: A Stellar 15.7% Growth in the First Three Quarters, Contributing nearly VND 8,350 Billion.”

Overseas Revenue Increases by 15.7%, Maintaining Growth Momentum

In Q3 2024, revenue from the export market continued its fifth consecutive quarter of positive growth, remaining a key growth driver for Vinamilk. Specifically, revenue from exports increased by 10.3%, and overseas branches (such as in the US and Cambodia) saw a rise of 8.5%. For the first nine months of 2024, overseas market revenue brought in VND 8,349 billion for Vinamilk, an impressive 15.7% increase compared to the same period last year.

To expand its exports, Vinamilk remains focused on emerging markets, leveraging free trade agreements, and building strategic partnerships. The company is seeing positive signals from premium markets with large Vietnamese communities, where there is high demand for Vinamilk’s condensed milk and yogurt products. The company is also diversifying its approach to market exploitation by deeper involvement in international retail, distribution, and supply chains.

In addition to its dairy products, Vinamilk is developing “non-dairy” products for export, such as Vinamilk Cocofresh coconut water, currently exported to the US, Canada, Japan, and Taiwan. In Taiwan, along with condensed milk, fresh milk, and yogurt, Vinamilk has introduced a new product, 100% pure CocoFresh bottled coconut water, which is expected to be well-received as second and third orders are set to be shipped by the end of this year. While not yet contributing significantly to revenue, this move expands Vinamilk’s market reach and showcases its production capabilities and product quality.

Vinamilk has also leveraged its “green” initiatives, aligned with sustainable development trends, as a competitive advantage in exports to create a “fresh breeze.” In Australia and New Zealand, by meeting stringent requirements for eco-friendly packaging, Vinamilk has been able to join the supply chains of the region’s largest international supermarket systems, including Costco, Woolworths, and Foodstuff. In these two markets, Vinamilk recorded revenue growth of over 50% compared to the previous year. The company is also actively expanding its exports to South America and Africa.

According to the latest report, despite domestic business challenges due to the impacts of Typhoon Yagi, the company’s cumulative revenue for the first nine months reached VND 46,339 billion, a 3.3% increase year-on-year. In addition to maintaining business operations, Vinamilk has also been actively supporting communities affected by natural disasters, with nearly 1.8 million essential nutritional products, worth nearly VND 10 billion, contributed by Vinamilk, its employees, and customers through various programs.

Products: Innovating Packaging, Diversifying Flavors, and Reducing Sugar

In Q3, Vinamilk introduced a series of improvements to its product packaging, aligning with its new brand identity, and launched new products. Notable products include: 100% fresh coconut milk, premium low-sugar yogurt with blueberry, pomegranate, and aloe vera flavors, and Vinamilk Probi drinkable yogurt with new packaging.

Notably, these products have performed well in the market, indicating that Vinamilk’s changes are heading in the right direction and positively impacting consumers.

Vinamilk Probi drinkable yogurt is particularly impressive, with its colorful new look and diverse flavors. According to brand health assessment research, the “Diversity of Flavors” preference index for Probi increased remarkably from 80% in 2022 to 94% in 2024. Revenue for this product in the first nine months of the year also increased by nearly 30% compared to the same period last year.

Vinamilk’s innovations also align with the growing consumer trend toward reduced sugar intake. For example, in the yogurt category, Vinamilk currently offers 17 different flavors, with half of these products in the low-sugar range.

In addition to its core product lines, Vinamilk has also revamped the packaging for its plant-based milk, ice cream, and beverage lines. Notably, Vinamilk’s plant-based milk, introduced recently, has quickly risen to the top position in the market share (excluding soy milk), with revenue for the first nine months doubling compared to the previous year.

These innovations and improvements, along with upcoming product launches in Q4, are expected to be significant growth drivers, according to Vinamilk’s leadership. In the Q3 investor newsletter, Ms. Mai Kieu Lien, CEO of Vinamilk, shared that the company is implementing various plans to stimulate the domestic market in the year’s final quarter while maintaining high growth in overseas markets to achieve its 2024 business plan.

Vinamilk maintains its total revenue target of VND 63,163 billion for the year. The company identifies growth drivers as recovering consumer sentiment in the domestic market and sustained growth in export markets, along with optimized production costs.

Additionally, a notable development is the listing of the “VNM19” depository receipts on the Stock Exchange of Thailand. This derivative product, issued by Yuanta Securities (Thailand), is based on the underlying VNM securities. Specifically, VNM19 is an investment instrument that allows Thai investors to trade VNM securities in their local currency and existing brokerage accounts. Depository receipts can enhance investor accessibility, improve liquidity, and promote efficient corporate governance, aligning with international standards.

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